Russian Self-Regulatory Body CRFIN Blacklists Entity PROM 24

According to an announcement made on the website of the Russian self-regulatory body CRFIN, an Internet entity named PROM 24 has been blacklisted. The company claims on its website an outrageous rate of return on deposits made with the company.

The website states that the firm has developed an “investment plan” which brings 7% daily returns to the depositors. At the same time a “partnership program” is being offered to depositors bringing in new PROM 24 clients, with a bonus totalling 10% of the new clients’ deposits.

The regulator explains in its announcement that the entity does not show credibility as to how the returns are achieved and appears to be based on false premises. In addition, no warranties of any kind can be provided by the company to its depositors about the safety of client funds.

The blacklisting takes the total number of firms which CRFIN has warned the public against to 39. The Russian self-regulatory body is advising the public that they carry a substantial amount of risk, the partial or full loss of their investment.

For the full blacklist by CRFIN, click on the following link.

The move comes in the aftermath of a number of schemes which raised alarm bells across the industry in Russia. After MMCIS last year, this year clients of Panteon Finance and Forex Trend have been informed about financial problems with said companies.